A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire.
Payments can be effected in a number of ways, for example: In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit.
On the other hand, the payee may impose a surcharge, for example, as a late payment fee, or for use of a certain credit card, etc.
The root word "pay" in "payment" comes from the Latin "pacare" (to pacify), from "pax", meaning "peace".
The High Court ruled that the wording allowed Cadogan to retain the instalments which had been paid even though they did not acquire the assets in exchange.
[3] The court referred to a text written by Jack Beatson, later a Lord Justice of Appeal, on Discharge For Breach: The Position of Instalments, Deposits and other Payments due before Completion, which Eder J described as a "most valuable analysis" of the correct contractual construction of such payments.
Global credit card payment providers are Diners Club, Visa, American Express and MasterCard.
Roughly $12 trillion of that was transacted through various credit cards, mostly the 21,000 member banks of Visa and MasterCard.
Processing payments, including the extending of credit, produced close to $500 billion in revenue.
In 2001, debit cards accounted for 9 percent of all purchase transactions, and this is expected to double to 18.82 per cent in 2011.
For tax purposes, for example, the timing of payment may determine whether it qualifies as a deduction in a taxpayer's calculation of taxable income in one year or the next.
Payment may also occur when a person transfers property or performs a service to the payee in satisfaction of an obligation.